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Bitcoin ETF Rumor Had a Silver Lining and It's Apparent in the Crypto Options Market

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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Monday's rumor-led pop in BTC showed there is plenty of dry powder waiting to cheer SEC's potential ETF approval.That said, it had a silver lining. The rally shows there's plenty of dry powder waiting to enter the market on approval of such an ETF. Monday's pop also challenged the notion that approval

Analysts at Blockware Solutions voiced a similar opinion, saying the price jump was a sign of what is to come once the ETF is approved. Perhaps, in the near term, bears may be more cautious in expressing their opinion in the market. The way bitcoin options have been priced since the rumor suggests that.The 30- and 60-day call-put skews, which measure the cost of call options relative to puts, have risen above zero, joining the longer duration skews in signaling a bullish bias.

Sentiment in the ether options market has also improved, although the bias for calls is still relatively weaker than in bitcoin.

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